Capital One Spark Classic for Business
The best business credit card for no credit is the Capital One Spark Classic for Business. It is available to small business owners with limited or no credit history and has a $0 annual fee. Capital One Spark Classic also rewards cardholders with 1% cash back. That’s roughly what the average cash back credit card provides. Good rewards, low fees and high approval odds are really all you can hope for when shopping for a business credit card with no credit.
Brex Corporate Card for Startups
The best business credit card with rewards points for applicants with no credit is the Brex Corporate Card for Startups because it gives 1 – 7 points per $1 spent on purchases normally, plus an initial bonus of 30,000 points for spending $3,500 or 50,000 points for spending $9,000 in 30 days. The Brex Credit Card also has a $0 annual fee.
This is a charge card, though, which means you’ll need to pay the bill in full every month and look elsewhere for financing help.
OpenSky® Secured Visa® Credit Card
The OpenSky® Secured Visa® Credit Card is the best credit card that you can get with no hard inquiry into your credit history when you apply. This makes it much easier to get approved if you have damaged credit or simply no credit experience. The OpenSky has a $35 annual fee and requires you to put down a security deposit of $149.
It’s also important to point out that using a general-consumer credit card for business will not increase your personal liability. Even small business credit cards require a personal guarantee from applicants.
Business Advantage Unlimited Cash Rewards Secured credit card
The Business Advantage Unlimited Cash Rewards Secured credit card is one of the best business credit cards for no credit because it’s easy to get approved for, has a $0 annual fee, and rewards cardholders with 1.5% cash back on all purchases. You will need to place a security deposit of at least $1000, but that is fully refundable when you close your account with no balance remaining.
Finally, it’s important to note that the credit-building process is the same whether you’re a small business owner or a normal consumer. You need to fill your personal credit reports with positive information to build a track record of financial responsibility. You can find tips and tricks for how to do so in our guide on building credit. You can also track your progress and get grades for each component of your credit score on WalletHub.
Methodology for Selecting the Best Business Credit Cards for No Credit
To identify the best credit cards for business owners with no credit, WalletHub’s editors regularly compare the offers in our database of more than 1,500 credit cards. The first step is to exclude all cards for which people with limited or no credit history are ineligible. Next, we evaluate the fees, interest rates and rewards offered by the remaining business credit cards available to people with no credit. This enables us to estimate how much each card would either save or cost the average cardholder each year.
Given the limited number of business credit cards available to applicants with limited credit history and the fact that using a general-consumer credit card will not increase a business owner’s personal liability, we also consider whether any stand-out cards intended for consumer use would be good for small business owners to have on their radar.
Finally, we select the best cards overall across a handful of popular usage categories.